How To Qualify For A Business Loan

Qualifying for a business loan is not as easy as it was even one year ago. This is because most lending institutions have increased the requirements for businesses requesting a loan. The recent slowdown in our economy has forced banks to re-examine their lending practices as many businesses are experiencing lower profits. So when you are looking for a loan for your business it is important that you have everything in order so you will have the best chance to be approved.

One of the first things that you need to look at before going to a lending institution is whether or not you have a good business plan together. Having a business plan drawn up for your company is a great way to show the bank that you have carefully considered your request. This will show the bank where your business is currently and where you hope it will go once you have been approved for a loan. There are many professional writers that work as freelancers that have the expertise in this area that you can hire if you are uncertain about your ability to convey your thoughts on paper.

The next thing to do before you go to a lender is to look at your company’s financials. Clear as many debts as you possibly can. For example, if you use a credit card start paying it off monthly or if you have a vehicle loan with just a few payments left on it you might want to consider paying it off. This will help your income to debt ratio and make your business a more attractive prospect.

Once you have done that, you should look at all the officer’s credit reports. Every officer of the company will have a credit history run on them because they will be personally guaranteeing the loan. So make sure that the person income to debt ratio is good and clean up any bad marks against your credit.

When you have all of that together you are now ready to go to the lending institution. With the situation the way it is currently it would be wise to start with the bank you already have a relationship with. This is especially true if you have a community or local bank. They make their decisions based on the local area unlike the larger national banks. If your company is turned down don’t take it personally but consider your other options.

There are other places to gain access to a loan. You need to keep your eyes open, when the private market tightens the amount of money they are willing to lend oftentimes you can more easily qualify for an SBA loan. So if your bank says no don’t give up to easily especially if all of your financials are strong. So when you are looking for a business loan make sure that you have your company looking the best that it can financially and present the lenders with a solid business plan.

Scheduling for Your VA Business

Once you get established with a few clients, it’s easy to find your schedule either keeping you insanely busy or insanely bored. There doesn’t seem to be much in the middle, which is your ideal. So this month I’m offering tips on how to schedule your workload out.

First of all, never go over 30 hours a week with scheduling your clients. So make sure you account for that in creating your hourly rate. Why? Well, two reasons. One, this allows you the opportunity to be flexible with your ongoing current clients if they need more from you one week than they do normally. They will appreciate that and their loyalty to you will increase.

Also, it allows you time for one time projects that might drop in sporadically (and with minimum charges on those they usually turn out to be very profitable). This also gives you time to handle some of your own business administrative functions (billing, record keeping, etc.) during normal business hours so you are not up late at night or weekends when you should be spending time with family.

Next, make sure your contracts all state that normal business requests must be scheduled 48 hours in advance. This way, when someone calls and says, “Heather, are you available to work with me on a project on Friday?” on a Wednesday, you can open your calendar and schedule appropriately.

Many clients will try to treat you like an employee–requesting same day if not immediate turn arounds. This is your time to remind them that while you do try to process same day requests, you do require a 48 hour notice for all normal business requests and that rush fees can apply if they need things done sooner.

Now, I’m pretty flexible with most of my clients, because I understand that things DO come up as a surprise now and again. So most of the time I don’t charge a rush fee for doing work the same day or in less than 48 hours from request unless they either are abusing this by constantly wanting things done same day or I’m really that busy that I can’t process their requests same day unless I work until midnight. Those two times, I will actually tell them that if I do their work I will require a rush fee in addition to normal hourly rates.

Always keep an electronic and a paper copy of your calendar. Technology is great, but you never know when it will decide not to function anymore! Even if I know a phone call or project will only take 30 minutes or so, I go ahead and block an hour in my schedule just in case something goes wrong or the client requests changes afterward.

This is a good rule of thumb to keep yourself out of a quandary and it gives you the opportunity to get up and stretch your legs or get some fresh air or a cup of coffee between projects. Believe it or not, these little “breaks” even if just for a minute or two will help keep your mind fresh all day.

Keep moving toward success

Social Media is Right For Small, Medium and Large Business

There have been an explosion of social media sites appearing online recently, and each one can be used to optimize your business in a variety of different ways. What follows are three methods that should be adopted by your business to enable you to harness the full power of social media within your business.

1. Create a Fan Page For Your Business On Facebook.

Facebook is one of the most promising social media sites when it comes to marketing your products. One good way to use Facebook is to create a fan page on the site; and to use it to draw in potential buyers.

Start by investing some time to create a high quality fan page. This page should include links to your site and a well-written description of what you do, and a brief description of the purpose of your fan page. ( i.e. to provide all of your loyal customers with free information about upcoming product launches, give aways and coupons).

If you don’t yet have enough fans to get the ball rolling, it might make sense to start by giving people an incentive to become a fan. You could do something like this: offer everyone who joins your fan page a 20% discount coupon for one of your products. You could then say something like “If this fan page has over 5000 members by September 1st every fan will get a product for free.

2. Think In Terms Of Social Capital.

When it comes to using any form of social media services to promote your business, it is always a good idea to think in terms of building social capital that will generate flows of returns over a long period of time.

It’s important to understand this because many marketers treat social media sites like pay-per-click (PPC) advertising services. That is they expect to see returns immediately after creating an account on Facebook or twitter.

In reality, using social media sites correctly requires that you build up a large following over a long period of time. You can think of these networks that you are building as a form of capital. Once sufficiently large, you can begin to use it to bring in additional members without actively marketing and additional customers.

3. Using The Twitter Search Engine.

Another approach you can take is to use the twitter search engine to find tweets related your business’s niche. This is an easy way to locate people who are interested in your products or services.

Once you have located some tweets related to your niche, you can follow them back to the source, determine whether the person involved might be interested in your niche, and then invite them to follow you if so.

Initially, a lot of people you add may not opt to follow you, however, over time, if you accumulate 50 new followers a day, you’ll gain momentum. If you make interesting tweets, offer discounts, or tweet vital information, you might get re-tweeted, expanding your reach and possibly bringing in new followers.

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